What does a Management Accountant do?
Management Accountants analyse the historical financial data of a company to estimate future revenues and expenses, create budgets and generate internal reports which are used to make planning decisions. In some companies, the information that the Management Accountant presents is used only within the company. However, in others, they may coordinate with external parties to issue reports that Auditors, shareholders and regulatory agencies will use.
Management Accountant skills and qualifications
A Management Accountant must be detail-oriented and analytical with outstanding maths skills and an in-depth understanding of current accounting principles. They must also have the ability to analyse and summarise complex information. A successful Management Accountant candidate will also have various prerequisite skills and qualifications that include:
- Knowledge of financial tools
- Excellent written and verbal communication skills
- Management and leadership skills
- Ability to work well in a team
- Proficiency with spreadsheet and accounting software programs
- Organisational skills
- Good personal interaction skills
Management Accountant experience requirements
Management Accountants must have a strong background in basic accounting and financial management. Previous experience in discounted cash flows, business production processes, financial data processing and bookkeeping is also helpful. Other experience requirements vary based on the role, industry and company. In many cases, junior Management Accountants need one to two years of experience. Mid-level Management Accountant positions typically require have three to five years of experience, while senior-level Management Accountants require over five years of experience in the position.
Management Accountant education and training requirements
Employers’ education and training requirements may vary. Larger companies may ask for at least a 2:1 degree, as well as high UCAS points and good levels of maths and English. Some companies offer graduate schemes, which can be very beneficial to candidates as they offer the opportunity to earn as they learn. While the Chartered Institute of Management Accountants (CIMA) consider candidates who have HND business and finance qualifications, many employers won’t accept them. Small- and medium-sized businesses may be more flexible.
A master’s degree is not necessary, but professional qualifications earned in-service are typically necessary for career progression. Entry to training programmes with large businesses can be more competitive than with smaller companies. Large companies usually hire in the autumn, while smaller businesses may hire at any time and advertise locally.
Management Accountant salary expectations
According to indeed Salaries, a Management Accountant in the UK can earn £36,083 per year, on average. Their actual salary, however, depends on the candidate’s level of experience and education, geographical location, industry and the hiring company.
Job description samples for similar positions
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